KPMG Cyprus has announced the publication of the results for the “RICS Cyprus Property Price Index with KPMG in Cyprus,” covering the fourth quarter of 2023.

Christoforos Anayiotos, Executive Director and Head of Real Estate and Land Development at KPMG Cyprus, stated:

"The upward trend in the Cyprus Property Index continued in the fourth quarter of 2023, with Paphos leading the overall growth. Apartments again emerged as the best-performing property category, followed by houses, with the highest increases recorded in Paphos, Larnaca, and Limassol. Warehouses and offices saw marginal increases, with the best performances in Paphos for both categories. Shops showed no increase, experiencing a significant decline in Larnaca. Rents also rose, particularly for holiday apartments and residential properties (apartments and houses), leading the way. Overall, the index shows positive returns for the residential sector and holiday properties, driven by resilient demand in 2023."

On behalf of RICS, Simon Rubinsohn, Chief Economist at RICS, commented:

"The real estate market continues to perform relatively well, especially in residential properties, despite higher borrowing costs. While some slowdown in economic growth this year is possible, business surveys generally indicate optimism, despite potential divergences. The positive trend in holiday homes and apartments observed in the Index may be linked to and sustained by steady growth in tourism, as indicated by the RICS Commercial Monitor, where the performance of hotel units for the next twelve months is expected to remain stable."